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Registration number: 04687404

R White Cabinets Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 June 2023

 

R White Cabinets Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Abridged Financial Statements

9 to 16

 

R White Cabinets Limited

Company Information

Directors

Mrs P White

Mr R A White

Registered office

Unit 7 Compton Business Park
Thrush Road
Poole
Dorset
BH12 4NP

Accountants

Tudor Payne & Co
Chartered Accountants
54 Parkstone Road
Poole
Dorset
BH15 2PG

 

R White Cabinets Limited

Directors' Report for the Year Ended 30 June 2023

The directors present their report and the abridged financial statements for the year ended 30 June 2023.

Directors of the company

The directors who held office during the year were as follows:

Mrs P White

Mr R A White

Principal activity

The principal activity of the company is the manufacture of cabinets

Going concern

The company experienced a challenging year, as a result of changes in the market in the aftermath of Covid-19. The directors have taken steps to mitigate these effects, but it may be some time before the results of these actions are known. In the meantime, in order to continue as a going concern, the company is relying upon the financial support of the directors, who have confirmed that they will not withdraw monies owing to them whilst the future of the company is uncertain. At the balance sheet date the directors were owed £190,069.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 19 March 2024 and signed on its behalf by:
 

.........................................
Mr R A White
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
R White Cabinets Limited
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of R White Cabinets Limited for the year ended 30 June 2023 as set out on pages 4 to 16 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of R White Cabinets Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of R White Cabinets Limited and state those matters that we have agreed to state to the Board of Directors of R White Cabinets Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R White Cabinets Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that R White Cabinets Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of R White Cabinets Limited. You consider that R White Cabinets Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of R White Cabinets Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Tudor Payne & Co
Chartered Accountants
54 Parkstone Road
Poole
Dorset
BH15 2PG

Date:.............................

 

R White Cabinets Limited

Abridged Profit and Loss Account for the Year Ended 30 June 2023

Note

2023
£

2022
£

Gross profit

 

122,060

146,909

Administrative expenses

 

(171,438)

(153,867)

Loss before tax

4

(49,378)

(6,958)

Tax on loss

 

-

550

Loss for the financial year

 

(49,378)

(6,408)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

R White Cabinets Limited

Statement of Comprehensive Income for the Year Ended 30 June 2023

2023
£

2022
£

Loss for the year

(49,378)

(6,408)

Total comprehensive income for the year

(49,378)

(6,408)

 

R White Cabinets Limited

(Registration number: 04687404)
Abridged Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

15,503

17,004

Current assets

 

Stocks

7

78,213

106,253

Debtors

8

102,345

49,176

Cash at bank and in hand

 

-

11,839

 

180,558

167,268

Prepayments and accrued income

 

7,962

1,030

Creditors: Amounts falling due within one year

(246,235)

(177,136)

Net current liabilities

 

(57,715)

(8,838)

Total assets less current liabilities

 

(42,212)

8,166

Provisions for liabilities

(2,750)

(2,750)

Accruals and deferred income

 

(3,000)

(4,000)

Net (liabilities)/assets

 

(47,962)

1,416

Capital and reserves

 

Called up share capital

9

200

200

Retained earnings

(48,162)

1,216

Shareholders' (deficit)/funds

 

(47,962)

1,416

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

R White Cabinets Limited

(Registration number: 04687404)
Abridged Balance Sheet as at 30 June 2023

Approved and authorised by the Board on 19 March 2024 and signed on its behalf by:
 

.........................................
Mr R A White
Director

 

R White Cabinets Limited

Statement of Changes in Equity for the Year Ended 30 June 2023

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

200

1,216

1,416

Loss for the year

-

(49,378)

(49,378)

At 30 June 2023

200

(48,162)

(47,962)

Share capital
£

Retained earnings
£

Total
£

At 1 July 2021

200

17,624

17,824

Loss for the year

-

(6,408)

(6,408)

Dividends

-

(10,000)

(10,000)

At 30 June 2022

200

1,216

1,416

 

R White Cabinets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 7 Compton Business Park
Thrush Road
Poole
Dorset
BH12 4NP
United Kingdom

These financial statements were authorised for issue by the Board on 19 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

R White Cabinets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on reducing balance

Motor vehicles

25% on reducing balance

Office equipment

25% on reducing balance

Furniture and fittings

25% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value.

Asset class

Amortisation method and rate

Goodwill

Fully written off

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

R White Cabinets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

R White Cabinets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

5,001

6,047

 

R White Cabinets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

5

Intangible assets

Total
£

Cost or valuation

At 1 July 2022

30,000

At 30 June 2023

30,000

Amortisation

At 1 July 2022

30,000

At 30 June 2023

30,000

Carrying amount

At 30 June 2023

-

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

4,512

10,146

59,017

192,754

266,429

Additions

-

-

-

3,500

3,500

At 30 June 2023

4,512

10,146

59,017

196,254

269,929

Depreciation

At 1 July 2022

4,512

7,595

56,029

181,289

249,425

Charge for the year

-

638

747

3,616

5,001

At 30 June 2023

4,512

8,233

56,776

184,905

254,426

Carrying amount

At 30 June 2023

-

1,913

2,241

11,349

15,503

At 30 June 2022

-

2,551

2,988

11,465

17,004

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings.
 

 

R White Cabinets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

7

Stocks

2023
£

2022
£

Work in progress

24,480

42,671

Other inventories

53,733

63,582

78,213

106,253

8

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

         

10

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £Nil per each Ordinary shares

 

-

 

-

         

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £Nil per each Ordinary shares

 

-

 

-

         

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil (2022 - £50.00) per each Ordinary shares

 

-

 

10,000

         

Interim dividends paid

 

R White Cabinets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

   

2023
£

 

2022
£

Interim dividend of £Nil (2022 - £50) per each Ordinary shares

 

-

 

10,000

         

Recommended final dividends paid and not recognised in the accounts

The directors are recommending the following final dividends:

£- per each Ordinary shares share totalling £- (2022 - £-)

These dividends have not been accrued in the balance sheet.

Recommended final dividends paid and not recognised in the accounts

The directors are recommending the following final dividends:

£- per each Ordinary shares share totalling £- (2022 - £-)

These dividends have not been accrued in the balance sheet.

11

Related party transactions

 

R White Cabinets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

6,360

6,360